Pharmazen

[lorraina]

What ever the out come Aroma have bought quality assets.
The business has been operating through out the receivership which has been positive for staff.
I hope they quickly get Rolleston up and running.
A great business to remain in NZ ownership.

[lorraina]

NBR headline.

General Business

 

PharmaZen sold to Aroma NZ as a 'natural fit'

 

BNZ appointed receivers to PharmaZen, which trades as Waitaki Biosciences, in March.

 

[Minimoke]

Looks like Rolleston site is being cleared out. Palletised packing boxes being loaded onto truck today.

[lorraina]

W69 stated on ST Aroma did not want Rolleston.

[Minimoke]

W69 stated on ST Aroma did not want Rolleston.

Looks like someone has bought a big garage and car port.

I wonder what the going rate for stainless steel is.

[ShiningStar]

Gosh what a stinker 

[Nizzy]

60 yr family company.
Background in flavours and mussel industry. 
https://aromanz.com/pages/about
https://aromanz.com/pages/extraction-technologies

[Herbert240]

Have been trying to find out how PAZ shareholders stand. AI has painted a bleak picture. Does anyone know when this info will become known?

[Minimoke]

Have been trying to find out how PAZ shareholders stand. AI has painted a bleak picture. Does anyone know when this info will become known?

It appears all assets have now been sold to another entity.
PAZ debt will be paid off and I suspect $0.00 will be left for shareholders.

[Herbert240]

Thanks Minimoke...thats the indication I got from AI too.

[Minimoke]

I suspect we will be left wondering if this was ever true on 2 March
"The Board advises shareholders that it is in active negotiations with an overseas party regarding a potential major investment in PharmaZen.

These negotiations are at a critical stage and as a result the Board has placed a trading halt on PharmaZen shares until the negotiations are concluded.

The Board will keep shareholders informed as this matter develops further."

When on 30 March the receivers walk in

[Basil]

Honestly, if I was a major shareholder I would be talking to my lawyers about legal action against the directors.  Breech of fiduciary duty and negligence would be two of the possible legal avenues I'd be talking to them about.  I presume they'd have insurance so you'd be going after the insurance company as the source of funds here.

[lorraina]

Bluebell posted this elsewhere.
"Evidently T1 Rolleston is being rented by the Australian company that wanted to buy Waitaki before the receivers moved in. The former Waitaki MD is somehow involved having "pinched" a few Waitaki staff."

This will be interesting as from memory I think the "intellectual property" is/was registered in the MD's name.

[Minimoke]

Bluebell posted this elsewhere.
"Evidently T1 Rolleston is being rented by the Australian company that wanted to buy Waitaki before the receivers moved in. The former Waitaki MD is somehow involved having "pinched" a few Waitaki staff."

This will be interesting as from memory I think the "intellectual property" is/was registered in the MD's name.

There is a "sign" on the gate that refers to "Bio Extraction International"

I wonder which parties the rental agreement is now that PAZ was essentially sold to Aroma.

There is still  mega tonnage of stianless steel sitting outside.

[lorraina]

Well a good number of workers cars there this morning.
Bio-Extraction International Ltd,is owned by Michael Noel Callagher.
I think he was a one stage a director of PAZ and is involved in the Blackcurrant sector.
I was hopeful that PAZ my have been part of this but I think I am wrong.